Mortgage Payment FAQs
How much is a $300,000 mortgage payment for 30 years?
The monthly payment on a $300,000 30-year mortgage is driven mostly by your interest rate - and the “all-in” payment depends on taxes and insurance too.
Below we break down what affects the payment, why small rate changes matter so much on a 30-year loan, and how to estimate a realistic total housing payment (not just principal and interest).
Answer
For a $300,000 mortgage over 30 years, the monthly payment varies mainly with the interest rate. At around 6–7% interest, principal and interest alone often land in the mid-$1,000s per month, while lower rates reduce that figure. Once you add estimated property taxes, homeowners insurance, and possible mortgage insurance, the total housing payment may rise by several hundred dollars. On mortgagepaymentcalculator.com, you can plug in a $300,000 loan, choose a 30-year term, and adjust rates to see how sensitive the payment is to each percentage point. The calculator also shows total interest over the life of the loan and provides amortization details.
What drives a $300,000 mortgage payment?
Even if two borrowers finance the same $300,000 loan amount for 30 years, their monthly payments can look very different. That’s because the payment is a combination of loan costs (principal and interest) and ownership costs (taxes, insurance, and sometimes mortgage insurance).
- Interest rate: the biggest lever on principal + interest
- Loan term: 30 years spreads payments out but increases total interest
- Property taxes: varies by location and can change over time
- Homeowners insurance: varies by home value, region, and coverage
- Mortgage insurance: may apply with smaller down payments
- HOA dues: common in condos and planned communities (if applicable)
Why a small rate change can move your payment a lot
On a 30-year loan, you’re making 360 monthly payments. Because the repayment is stretched across so many months, the interest rate has a long time to affect the total cost - and that often shows up as a noticeable difference in the monthly payment.
That’s why it’s smart to “stress-test” a few interest rates (for example, a slightly higher rate than the one you hope to get) so your budget has breathing room.
Principal & interest vs your total monthly housing payment
Many people quote mortgage payments as “principal and interest,” but most homeowners actually pay an all-in monthly amount that includes escrowed property taxes and homeowners insurance. If mortgage insurance applies, that can increase the total even more.
Loan payment (P&I)
Principal + interest, determined by the loan amount, term, and interest rate.
Total payment (often PITI)
P&I plus property taxes and homeownersinsurance - and sometimes mortgage insurance and HOA.
If you’re budgeting, the total payment is usually the number that matters most because it reflects the real monthly cost of owning the home.
How to estimate a realistic payment for a $300,000 loan
- Start with the loan amount ($300,000), term (30 years), and a few interest rate scenarios.
- Add your best estimate for property taxes and homeowners insurance based on your area and home value.
- If your down payment is small, include a mortgage insurance estimate so your “all-in” number isn’t a surprise later.
- Compare the all-in payment to your monthly income and other debts, not just what a lender might approve.
This approach helps you avoid the common mistake of focusing on the loan payment while underestimating the ownership costs.
Helpful next steps
Use the tools below to estimate your payment and sanity-check whether it fits your monthly budget.
Quick takeaway
A $300,000 30-year mortgage often lands in the mid-$1,000s for principal and interest at typical mid-range rates - but your real monthly housing cost can be higher once taxes, insurance, and mortgage insurance are included. Always model the all-in payment before you decide what’s “affordable.”